Don’t miss out on what this health crisis teaches you about personal finance.
6 Money Skills We Can All Learn by Hunkering Down for the Coronavirus
Your entire life, maybe you bought just a single roll here and a four-pack there. But now look at what you’ve become.
Your closet is stuffed with 24-roll packs of toilet paper. You’re hoarding enough boxes of spaghetti, linguine and cereal to feed every character in Stephen King’s novel The Stand. Meanwhile, you’re stuck inside until who knows when.
As with many crises, though, you may come out a better person when life returns to some sense of normalcy.
Click or swipe to learn 6 things your new panicky habits can teach you about managing money.
1. There are benefits to buying in bulk
Did you once scoff at the idea of purchasing 24 double rolls of toilet paper at a time? Was a package of 12 rolls of paper towels too bulky? Was a case of canned beans too heavy? Now you know better.
First, you save money when you buy in bulk. Second, while the masses pick the grocery shelves clean in a panic, all you have to do is walk down to your basement or open your pantry door and grab whatever you need.
2. Preparing meals at home saves money
With the coronavirus threat, more people follow social distancing guidelines and avoid dining out. Several states have closed restaurants for dining in, allowing only drive-thru customers.
But the good news is, you’re going to save a lot of money by making all your meals at home. In fact, you may be so impressed with how much you save that when things get back to normal, you’ll make dining out a luxury rather than an everyday necessity.
3. Mindful errand-running saves gas
When was the last time a tank of gas lasted two or three weeks? You’re about to find out. That’s because with a global pandemic going on, you’re probably not too keen on running around town shopping at all the usual places or entertaining yourself in the usual ways.
You may be working from home, so there’s no gas-guzzling commute. And you may not be socializing much, since you or your friends are trying to “flatten the curve” of the coronavirus. So when the COVID-19 dust settles, you’ll have a better understanding of how strategic errand-running can keep your gas tank fuller, longer.
Find out: How to Save Money on Cars
4. There’s security in a stocked pantry
Wouldn’t it be nice if you didn’t have to run to the grocery store for a can of chicken noodle soup every time you catch a cold? When you’ve used your last coffee filter, wouldn’t it be great to have another box on hand?
Believe it or not, people have lived with stocked pantries for hundreds of years. Just look at your parents and grandparents. Now you know why they’ve lived so long. Clip coupons, buy in bulk to save money and make sure you never run out of pickles again.
5. Creating a budget is smart
Now that you’re stuck at home all the time, why not make the most of it? Sit down and create a budget, review spending patterns and figure out expenses you can cut. Come up with a plan and timeline to pay off debt.
6. You can save a lot of money with a few phone calls
It’s hard to take care of money-related business when you’re working all day and don’t get much privacy. If you’re working from home or self-isolating for social distance, you probably have time to make a few phone calls that could save you money.
Can you get a better phone plan for a lower monthly fee? Maybe you can lower auto and homeowner’s insurance premiums. Perhaps your utility company offers discounted rates for nighttime usage. Find out while you have time to make those calls.
This article by Deb Hipp was originally published on Debt.com.
Published by Debt.com, LLC
